EUR/USD Moves Off Lows after US Retail Sales

EUR/USD
moved off daily lows and trimmed intraday losses following the release
of disappointing US retail sales and producer prices data.

US
retail sales fell 0.3% to a seasonally adjusted $446.89 billion in
March, missing expectations of a 0.1% increase while compared with a
year earlier, March sales grew 1.7%. Excluding automobiles sales rose
0.2%, below the 0.4% rise expected.

Meanwhile, producer prices data also came on the soft side, with March headline and core indexes falling 0.1% each.

The
US dollar weakened slightly, sending EUR/USD to the 1.1325 zone, from
1.1300 prior data. At time of writing, the pair was trading at 1.1320,
still recording a steep 0.55% loss on the day.

EUR/USD technical levels

In
terms of technical levels, next supports could be found at 1.1283 (Mar
30 low), 1.1178 (50-day SMA) and 1.1144 (Mar 24 low). On the other hand,
resistances line up at 1.1382/90 (10-day SMA/Apr 13 high), 1.1464 (2016
high, Apr 12) and 1.1494 (Oct 15 high).